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Losses “are not acceptable” and below level to needed stabilize company, says CEO Chris Pappas
Luby’s Inc., parent to the cafeteria chain and Fuddruckers burger brand, saw traffic increase in the first quarter ended Dec. 18, but continued to post losses, the company said Monday.
“Our financial results in the first quarter were far below the levels we need to stabilize the company,” said Chris Pappas, Luby’s CEO and president, in a first-quarter earnings calls. “These results are not acceptable.”
For the first quarter, Luby’s loss widened to $8.3 million, or 28 cents a share, from $7.5 million, or 25 cents a share, in the prior-year period. Sales slipped 7.5% to $95.1 million from $102.9 million in the same quarter last year.
“While the first quarter typically represents our lowest sales quarter seasonally, we still must right-size ou...
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